Anyway, I wonder what do you think about the core bitcoin's crypto, SHA-256.If you can make the same block, with your own transaction, while having the same sha256 hash - you basically beat the system and destroy all the currency (after using it for your own needs).And we know it's theoretically possible - isn't it?It's only a matter of a computer that is powerful enough to find different block, designed by us, with the same hash? Eventually cracking the crypto somehow, to make it so much easier.

So imagine: it is year 2112 and for one bitcoin you can rent a nice apartment for one month...Do you think the she256 would still stand unbeatable?

The short answer is: we say that the past blocks are good and now we switch to a new SHA from block X on: release a client upgrade to handle the new blocks, that's it !Another faq is about quantum computing: well then all the banking systems, nuclear plants, military systems must upgrade, why not bitcoin ?The long answers are in the previous 37 threads.

So imagine: it is year 2112 and for one bitcoin you can rent a nice apartment for one month...

In 2112 if bitcoin was around it would be worth a fuckton of money even after adjusting for the inflation of 100 years. By then it would be a large percentage of mainstream or it would simply not exist. I could not see a middle ground where it was still being used but by a tiny fringe of society that far out.

The math is really simple. 1 BTC = 1 fuckton of money * the amount of inflation from now until 2112. There. An exact answer.

I would say that ECDSA is Bitcoin's "core crypto." If someone found a flaw in SHA-256, Bitcoin would be disrupted but could be resumed with a new hashing method from some point before SHA was broken. Breaking SHA256 doesn't allow you to spend other people's bitcoins. If ECDSA was broken, you can spend anyone's Bitcoins, and the entire thing is tits up.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.

I would say that ECDSA is Bitcoin's "core crypto." If someone found a flaw in SHA-256, Bitcoin would be disrupted but could be resumed with a new hashing method from some point before SHA was broken. Breaking SHA256 doesn't allow you to spend other people's bitcoins. If ECDSA was broken, you can spend anyone's Bitcoins, and the entire thing is tits up.

True.One could say even that the crypto is from the 17th century because that's when Fermat stated his Last Theorem that gave birth to elliptic curves in finite fields theory..It took mathematicians from all over the world more than 350 years to come up with a valid proof of the theorem.I would not worry too much about how fast ECDSA will be "broken "

So imagine: it is year 2112 and for one bitcoin you can rent a nice apartment for one month...

In 2112 if bitcoin was around it would be worth a fuckton of money even after adjusting for the inflation of 100 years. By then it would be a large percentage of mainstream or it would simply not exist. I could not see a middle ground where it was still being used but by a tiny fringe of society that far out.

The math is really simple. 1 BTC = 1 fuckton of money * the amount of inflation from now until 2112. There. An exact answer.

I throught most "Money" depreciated by 3%-4% per year at that rate you will be hard press to buy a cup of coffee --- oops I mean a coffe bean